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Tax Revenue Down

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May 09, 2009 – Comments (1)

Mish has a post on how much California's tax revenues are down.

It is shocking, 12.6% for personal income tax?  That's another way of saying how bad employment has gotten, and what kind of ripple effect does this kind of employment reduction have on the businesses that are struggling already?

Corporate tax revenue down by 35%, that's huge.  

Sales tax revenue down by 20%.  Think of that as a deleveraging of spending related to the reduced income.  With sales tax revenue down 20%, well, what a hit to retail.  

Mish is calling this an implosion and I can't argue there.

 

1 Comments – Post Your Own

#1) On May 15, 2009 at 4:28 PM, DarthLordZ (< 20) wrote:

Less money for the politicians to mismanage and misappropriate,  a true Demirats dream of  blown up governmental spending gone wild, all the while making it hard for businesses to stay in business.

Meanwhile powerful governmental unions flex their might and are the real power players...

Many investors have had to deal with 50-70% reductions in their networths ~ 101 k's

So now California will either have to adapt or die... or simply borrow and borrow and make the hole that much deeper.

Simply legalize and tax the heck out of marijuana ~

Start tracking illegal aliens and simply rob them blind ~ call it a  bail out tax.

Meanwhile houses will still be ridiculously overpriced, overtaxed and over regulated in Cali.

A true ALSTRY dream.

Please do not use my tax dollars to bail out those idiots..

Isn't NANCY P from California :)

LMAO...

 

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